Where's the Recession?

[solidspine]

Yep. Doing the talking, making the decisions, spending your tax dollars,

Yaba yaba do


by Brian M. Riedl

The federal government cannot account for $24.5 billion spent in 2003.

A White House review of just a sample of the federal budget identified $90 billion spent on programs deemed that were either ineffective, marginally adequate, or operating under a flawed purpose or design.

The Congressional Budget Office published a “Budget Options” book identifying $140 billion in potential spending cuts.

The federal government spends $23 billion annually on special interest pork projects such as grants to the Rock and Roll Hall of Fame, or funds to combat teenage “goth” culture in Blue Springs, Missouri.

Washington spends tens of billions of dollars on failed and outdated programs such as the Rural Utilities Service, U.S. Geological Survey and Economic Development Association.
The federal government made $20 billion in overpayments in 2001.

The Department of Housing and Urban Development’s $3.3 billion in overpayments in 2001 accounted for over 10 percent of the department’s total budget.

Over one recent 18-month period, Air Force and Navy personnel used government-funded credit cards to charge at least $102,400 for admission to entertainment events, $48,250 for gambling, $69,300 for cruises, and $73,950 for exotic dance clubs and prostitutes.

Examples of wasteful duplication include: 342 economic development programs; 130 programs serving the disabled; 130 programs serving at-risk youth; 90 early childhood development programs; 75 programs funding international education, cultural, and training exchange activities; and 72 federal programs dedicated to assuring safe water.

The Advanced Technology Program spends $150 million annually subsidizing private businesses, and 40% of this goes to Fortune 500 companies.

The Defense Department wasted $100 million on unused flight tickets, and never bothered to collect refunds even though the tickets were reimbursable.

The Conservation Reserve program pays farmers $2 billion annually to not farm their land.

Washington spends $60 billion annually on corporate welfare, versus $43 billion on homeland security.

The Department of Agriculture spends $12 billion to $30 billion annually on farm subsidies, the vast majority of which go to agribusinesses and farmers averaging $135,000 in annual income.

Massive farm subsidies also go to several members of Congress, and celebrity “hobby farmers” such as David Rockefeller, Ted Turner, Scottie Pippen, and former Enron CEO Ken Lay.

The Medicare program pays as much as eight times the cost that other federal agencies pay for the same drugs and medical supplies.

Congressional investigators were able to receive $55,000 in federal student loan funding for a fictional college they created to test the Department of Education.

The Army Corps of Engineers has been accused of illegally manipulating data to justify expensive but unnecessary public works projects.

Food stamp overpayments cost $600 million annually.

School lunch program abuse costs $120 million annually.

Veterans’ program overpayments cost $800 million annually.

Earned Income Tax Credit (EITC) overpayments cost $9 billion annually.

Better tracking of student loan recipients would save $1 billion annually.

Preventing states from using accounting tricks to secure additional Medicaid funds would save several billion dollars annually.

Medicare contractors owe the federal government $7 billion.

[2ez2brich]

Oil hit $120 today......some say expect $5 / gallon for gas.

[midlifecrisis]

Yet Ironman just grossed 100M and growing. Interesting. Not sure we can say there is a crisis just yet. Its an election year folks....keep that in mind. Gas/Oil will quiet down soon after its over, either way. Just watch.

[2ez2brich]

Recessions don’t normally hit all at once. Last recession or two hit the west first and then made it’s way east 1 – 1.5yrs later. When the housing prices skyrocketed…….did this all occur simulataneously…and did prices all appreciate in unisom ..?

The answer is no………you say it is because of an election year…..but the trend has been developing for the last 2-3 yrs easy.




Oil hits record above $121 on supply woes

Tuesday May 6, 9:58 am ET
By George Jahn, Associated Press Writer

Oil prices rise to record above $121 a barrel on supply worries.

VIENNA, Austria (AP) -- Oil futures surpassed $121 a barrel for the first time Tuesday, the spike fueled by worries about threats to supply and a weakening of the U.S. dollar.



More:



The dollar weakened against the euro on Monday, attracting investors to oil and other commodities viewed as hedges against inflation. Also, a falling dollar makes oil less expensive to investors overseas. A series of U.S. Federal Reserve rate cuts starting last year weakened the dollar considerably against foreign currencies, and analysts blame the dollar's protracted decline for oil's sharp rise this spring.

Supply outages or potential threats to supply emerged in Iran and Nigeria over the weekend and from Iraq on Monday; events in all three nations have caused prices to spike many times in recent months.

In Iraq, Kurdish rebels warned they could launch suicide attacks against American interests to punish the U.S. for sharing intelligence with Turkey after Turkey bombed rebel bases in Iraq on Friday. In Nigeria, a Royal Dutch Shell PLC spokesman said attackers hit an oil facility belonging to Shell's joint venture in southern Nigeria and that some oil production had been shut down. And Iran's Supreme Leader Ayatollah Ali Khamenei said his country will not bend to international pressure and give up its nuclear program.

Energy investors grow concerned any time conflict breaks out or is threatened in the oil-rich Middle East. Years of unrest in Nigeria have cut off nearly a quarter of the major U.S. supplier's oil output.

Amid the occasional threats to crude supplies, global demand for oil continues to grow. The Chinese and Indian economies are growing by double digits, boosting global demand for oil.

In the U.S., where demand has been dampened over economic concerns, the prince for "gasoline at the pump is averaging 29.4 percent above last year's pace," noted Stephen Schork of the Schork Report. "Meanwhile, average diesel prices are up by 41.1 percent or $1.079 a gallon."

[midlifecrisis]

Nobodys doubting there is a negative trend. But I think too many metrics are positive to neutral to act like we are facing impending doom.

[2ez2brich]

Originally Posted by midlifecrisis

Nobodys doubting there is a negative trend. But I think too many metrics are positive to neutral to act like we are facing impending doom.

Help me understand what you mean. where are the positives ?

[midlifecrisis]

Im in sales bro. I jsut came off a record month and company wide we saw nice growth. We dont see that in a down economy and certainly not in a recession. The housing market is a mess, no doubt. But there is plenty of money being spent out there.

I cant possibly put it any better than 11hungrybb already has to you. He is a pro, Im just a sales guy that hurts when the economy even tanks in the slightest, and we arent.

[2ez2brich]

Originally Posted by midlifecrisis

Im in sales bro. I jsut came off a record month and company wide we saw nice growth. We dont see that in a down economy and certainly not in a recession. The housing market is a mess, no doubt. But there is plenty of money being spent out there.

I cant possibly put it any better than 11hungrybb already has to you. He is a pro, Im just a sales guy that hurts when the economy even tanks in the slightest, and we arent.

Not sure how you being in sales nor last month’s performane is representative of the country’s economic condition. Shiat…..my boy Crazy Carlos is doing well too….but he sells Cronic. But should I say all is well because he is selling more cronic this month, versus the same time last year ? My other boy Rooster is making a killing selling soft porn over the internet. What’s your caper bru ? What are you pushing over there ?


And don't bring up 11hungry. he doesn't want to share his wealth with me.

[2ez2brich]

Originally Posted by solidspine

I personally maybe in a recession,

but I just don’s see it realistically anywhere in the country.

Government numbers mean NOTHING!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!! no less than nothing.


Unemployment is almost non-existent, myself not included.


Spending is nuts,

Beijing is sold out for the Olympics, whose coming, American’s

When I bought my first house (Carter years) my annual interest rate was 19 percent, fixed.

Now mortgages rates are below those prior to WW2, do any of you remember WW2. 5 is typical

Indicators are basically BS,

Bull


The single or only indicator of recession, other than inflation is employment,


Anyone here unemployed?

Not sure about people here....but another 5500 just been added to the list so far today....i bet more news will follow before the close of business


UBS axes 5,500 jobs as it sells down subprime
Tuesday May 6, 7:49 am ET
By Thomas Atkins

ZURICH (Reuters) - UBS (VTX:UBSN.VX - News) axed 5,500 jobs and sold billions of dollars of ailing assets on Tuesday in a bid to break free from the subprime crisis, but its shares dropped as investors feared its earning power might be permanently stunted.

[midlifecrisis]

Originally Posted by 2ez2brich

Not sure how you being in sales nor last month’s performane is representative of the country’s economic condition. Shiat…..my boy Crazy Carlos is doing well too….but he sells Cronic. But should I say all is well because he is selling more cronic this month, versus the same time last year ? My other boy Rooster is making a killing selling soft porn over the internet. What’s your caper bru ? What are you pushing over there ?


And don't bring up 11hungry. he doesn't want to share his wealth with me.

I sell flower pots.

[2ez2brich]

Originally Posted by midlifecrisis

I sell flower pots.

Man,.....you don't sell no darn flower pots. ..


is flower pot....code words for Weed and pot ?


just remember....crime pays.....but sometimes....you gotta pay it back.

[midlifecrisis]

Like I said bro, Im just a sales guy. I pay guys who went to Wharton to tell me what to do with my money. And they seem pretty bullish about things on the whole...

But only time will tell. I just know from experience things are never as good or as bad as they want us to beleive in an election year.

[11Hungrybb]

Originally Posted by 2ez2brich

And don't bring up 11hungry. he doesn't want to share his wealth with me.

luv ya 2ez2brich.

goog is ripe to go higher

[2ez2brich]

Originally Posted by midlifecrisis

Like I said bro, Im just a sales guy. I pay guys who went to Wharton to tell me what to do with my money. And they seem pretty bullish about things on the whole...

But only time will tell. I just know from experience things are never as good or as bad as they want us to beleive in an election year.

I may know some of your people bru....contingent on when they graduated......hint, hint.

Traders, financial planners ...if smart...can make money on an up and down market......how else would we make a living bru. Some position i buy I am bullish.....and there are times when i may hedge my position and consider options.

You can't just rely on a bullish market....when shiat turns you still need to be able to pay your mortgage.

[2ez2brich]

Originally Posted by 11Hungrybb

luv ya 2ez2brich.

goog is ripe to go higher

Goog is a monster right now.

[2ez2brich]

CNNMoney.com

It is a recession, 79% of Americans say in a new poll.

Tuesday May 6, 3:03 pm ET

By Catherine Clifford, CNNMoney.com staff writer

A new poll shows that more Americans than ever before think the economy is in a recession.

A national CNN/Opinion Research Corp. poll released Tuesday found that 79% of respondents - nearly 4 out of 5 - believe the economy is now in a recession. That is up from 74% of Americans in March, 66% in February and 46% just a half-year back.

The poll results came from telephone interviews with 1,008 adult Americans conducted by telephone on April 28-30.

The National Bureau of Economic Research defines a recession on its Web site a